Jersey City, NJ, Nov. 23, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Circular Economy Market- (By Business Model (Product-as-a-service (Leasing, Sharing, and Subscription Models), Product Life & Product Use Extension (Reusing/Reselling, Repairing, and Remanufacturing), and Resource Recovering/Upcycling), By Industry (Fashion & Textile Industry, Consumer Electronics Industry, Construction Industry, Automotive Industry, Logistics Industry, Agriculture, Furniture Industry, Oil and Gas Industry, and Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Circular Economy Market is expected to show a CAGR of 21.59% during the forecast period of 2023-2031.
The circular economy market is a dynamic and rapidly expanding sector that seeks to transform our traditional linear economic model of take, make, and dispose into a more sustainable and regenerative one. This market is driven by the developing awareness of environmental challenges and the need to reduce resource consumption and waste generation. It encompasses many industries, including recycling, remanufacturing, and sustainable product design. One of the prominent goals of the circular economy is to extend the lifespan of products and materials through practices such as recycling, refurbishment, and reusing. By doing so, it reduces the strain on natural resources and minimizes environmental impact. This market promotes innovation and new business models, creating opportunities for startups and established companies.
Moreover, the circular economy offers economic benefits by reducing production costs and creating a more efficient use of resources. With increasing consumer demand for eco-friendly and sustainable products, the circular economy market is poised for significant growth in the coming years. Governments and organizations worldwide endorse this approach to combat climate transformation and promote a more tolerable future. As a result, the circular economy market presents a prosperity of possibilities for businesses to thrive in a more environmentally conscious world.
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Recent Developments:
- In July 2023, Veolia promoted stronger workplace safety regulations and expedited the shift to a circular economy by utilizing augmented artificial intelligence (AI). Unlike other types of AI, augmented intelligence was created to assist human operators rather than replace them. It was a crucial component of Veolia's material recycling plants, where sorting algorithms and humans were merged. While human operators sorted heavy debris, light waste was separated using precision compressed air jets and scanned lasers.
- In Nov 2021, Honeywell has declared the commercialization of an innovative process that facilitates the recycling of a broader spectrum of plastics. Additionally, this procedure generated feedstock for the production of recycled plastics that have an exceptionally reduced carbon footprint. The objective of the new technology was to facilitate a circular economy for plastics by reducing the need for fossil fuels in the production of new plastics and allowing for hundreds of cycles of recycling..
List of Prominent Players in the Circular Economy Market:
- HONEYWELL
- SAP
- Re-Match
- Cirql
- Circular Solutions
- Solar Impulse Foundation
- UL LLC
- Circular Economy Solutions GmbH
- Veolia
- Waste Management, Inc.
- TerraCycle
- Loop Industries
- Cloverly
- Recyclebank
- Ecolife Recycling
- Eco-Cycle
- Remondis
- Renewi
- Worn Again Technologies
- Circular Devices Oy
- Patagonia
- Rype Office
- Sims Lifecycle Services
- Tarkett
- ECOR
- Madaster
- Econyl
- NEOM
- others
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Circular Economy Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 21.59 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Business Model, Industry |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers:
Growing awareness of climate change, resource scarcity, and pollution has led individuals, businesses, and governments to seek more sustainable and eco-friendly solutions, promoting the circular economy's principles. Increasingly environmentally conscious consumers demand products and services that align with circular economy principles, driving companies to adapt their practices and offerings. Additionally, consumer demand is a formidable force as an ever-growing number of environmentally conscious consumers seek products and services that adhere to circular economy principles.
Challenges:
The prime challenge is it often requires upfront investments in new technologies, materials, and processes. Access to financing and incentives for these investments can be a hurdle for smaller businesses and startups. However, the high cost of green chemicals and the availability of synthetic chemicals are factors expected to hamper the overall growth of the circular economy market over the coming years. Owing to the COVID-19 pandemic, the number of cases has been increasing, which led to a global or partial shutdown to maintain social distancing. According to a recent update, the industries are facing unprecedented economic losses due to disruptions in global supply chains for key players operating in the global circular economy market. Distributors, suppliers, and retailers have inventory but can't sell, and manufacturers must stop production to deal with the shutdown.
Regional Trends:
The market in North America is projected to grow considerably over the projected period. The increased acceptance of advanced technology and the existence of large players in this region are likely to create ample expansion opportunities for the market. Many North American businesses are embracing circular economy principles to reduce environmental impact and achieve economic benefits. Major corporations are adopting practices such as product recycling, remanufacturing, and sustainable supply chain management. Moreover, the region is also witnessing the growth of startups focused on circular solutions, and these firms are developing innovative technologies and business models that promote product sharing, repair, and recycling. They are attracting investment and contributing to the circular economy ecosystem.
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Segmentation Of Circular Economy Market-
By Business Model
- Product-as-a-service
- Leasing,
- Sharing,
- Subscription Models
- Product Life & Product Use Extension
- Reusing/Reselling,
- Repairing,
- Remanufacturing
- Resource Recovering/Upcycling
By Industry
- Fashion & Textile Industry
- Consumer Electronics Industry
- Construction Industry
- Automotive Industry
- Logistics Industry
- Agriculture
- Furniture Industry
- Oil and Gas Industry
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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